Pegasus Europe targets £2.5bn UK fintech True Potential

Pegasus Europe, a special purpose acquisition company (SPAC) based in Australia, has now joined an array of firms bidding to take over European fintech True Potential earlier this week.

This proposition by Pegasus, if finalized, could automatically make True Potential become a publicly traded firm, a first since inception. The deal would also raise the fintech’s valuation as high as £2.5bn.

The process is being managed by Credit Suisse and sources close to the situation have reported that Pegasus, despite its size and influence, is up against many other statured rivals who are also after True Potential.

Some of the other bidders include private equity firms such as Cinven and Hellman and Friedman, with at least one other SPAC rumoured to be participating in the bidding proceeding.